Crypto Market Liquidations Surpass $1 Billion in 24 Hours, Led by Bitcoin

Crypto derivatives markets remained under heavy pressure as Bitcoin fell more than 5% from $71,765 to $67,895, its lowest level since April, triggering about $394 million in liquidations within one hour, according to CoinGlass data cited by CryptoSlate. Long positions accounted for roughly $384 million of the hourly losses, while shorts lost about $10.2 million. Over 24 hours, total liquidations reached about $1.02 billion, with long positions making up roughly $902 million. Bitcoin traders absorbed the largest hourly losses at more than $209 million, followed by Ethereum at about $87 million, Solana at about $27 million, and XRP at about $11 million. The sell-off also pushed Ethereum down to about $1,941 and XRP to $1.24. Market participants linked the decline to technical breakdowns and Strategy’s June 1 disclosure that it sold 32 Bitcoin for $2.5 million to fund preferred stock dividend obligations, while Glassnode said the move pushed Bitcoin below several key on-chain support metrics including the short-term holder cost basis of $76,900, the true market mean of $78,000, and the active investors’ mean of $85,100.